Watch as WaveBasis creator Stephen Simmons demonstrates how to use WaveBasis and the sound principles of Elliott Wave analysis to anticipate, plan, and execute a short-term, counter-trend intraday trade (or “scalp”).
You can also get the annotated text stream of the conversation that took place between Stephen and a colleague as they worked together to architect and execute the successful trade strategy here: Nasdaq Day Trade Case Study
The text stream includes all of the charts that Stephen shared during the conversation which can be loaded directly into your WaveBasis workspace. Powerful stuff!
This demonstration touches on several key topics, so you will learn:
- How to determine and use long-term market context
- Aligning your trades with Elliott Wave probabilities
- Anticipating rally reversal
- Coherent analysis across multiple timeframes
- Trading objectively without emotion
- How to let the market come to you, rather than chasing it
The example uses Nasdaq index futures and walks through an actual trade plan that took place over the course of January and February 2024. This is an advanced strategy.
UPDATE: Since this video was recorded, Stephen and his colleague have both repeated the same trade strategy twice on the Nasdaq index, earning profits both times.
UPDATE2: This strategy was ultimately repeated several more times until the expected wave 4 drop took place in March-April 2024. Not all individual trades were profitable, in line with expectations, but Stephen and his colleague caught the wave 4 drop that they were looking for and the overall strategy was deemed a rousing success.